{"id":158798,"date":"2022-06-03T17:03:34","date_gmt":"2022-06-03T17:03:34","guid":{"rendered":"https:\/\/precoinnews.com\/?p=158798"},"modified":"2022-06-03T17:03:34","modified_gmt":"2022-06-03T17:03:34","slug":"apecoin-community-initiates-proposal-to-have-ape-remain-on-ethereum-with-99-of-votes-for-the-idea","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/crypto\/apecoin-community-initiates-proposal-to-have-ape-remain-on-ethereum-with-99-of-votes-for-the-idea\/","title":{"rendered":"ApeCoin Community Initiates Proposal to Have APE Remain on Ethereum, with 99% of Votes For the Idea"},"content":{"rendered":"
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Summary:<\/p>\n
The ApeCoin community has initiated a new proposal to have the APE token remain within the Ethereum ecosystem. The proposal, under AIP-41, is still in the voting stage, with 99.95% of participants agreeing that ApeCoin should stay within Ethereum. The vote is ongoing and will be concluded on June 9th at 4 am, as highlighted in the screenshot below.<\/p>\n
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With respect to the justification for the proposal, the ApeCoin community highlights that APE should remain within the Ethereum ecosystem and not migrate elsewhere due to the potential negative consequences of such a move.<\/p>\n
To begin with, the ‘migrating to a different chain is a costly, risky, and complex endeavor with many moving parts that may if not thoughtfully considered, result in catastrophic loss, or at worst, abandonment by Yuga Labs and other entities that would otherwise meaningfully to ApeCoin.’<\/p>\n
The ApeCoin community points out that migration would mean moving away from the original assets tied to the Yuga Labs NFTs that inspired the creation of APE. Such a separation will result in the unintended scenario of ‘Yuga Labs no longer supporting or using ApeCoin in association with its NFTs like Bored Apes, Mutant Apes, or Otherside Deeds.’<\/p>\n
The proposal adds that the Ethereum ecosystem remains as ApeCoin’s best fit for a home due to the following reasons.<\/p>\n
The justification for the proposal goes on to reiterate that a subsequent AIP could suggest a move to an L2 scaling solution. It says:<\/p>\n
\nApeCoin MUST remain within Ethereum, or within an L2 scaling solution that is secured by the Ethereum blockchain. While this proposal makes no such recommendation for ApeCoin other than remaining on Ethereum, it does not preclude subsequent AIPs from suggesting a move to an L2 scaling solution secured by Ethereum.<\/p>\n<\/blockquote>\n